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20121227
20121227
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that the white house saying the president is cutting his holiday vacation in hawaii short to return to d.c. to work on a deal to try to stop those automatic tax hikes and deep spending cuts from kicking in on january 1st. and if they don't reach a deal before then, many economists say we will dip back into a recession. i had henly house republican leaders didn't have a lot of new information for their lawmakers. they would have 48 hour notice if they are needed to pray back to washington from various districts around the country. that tells us they are being noncommittal at this point because they frankly do not know whether or not there will be a deal to avert the fiscal cliff. now, after that conference call. the house speaker john boehner, his number two eric cantor the majority leader put out a statement putting the onus on president obama and for the reason why there has not been a deal so far. basically saying they can't move forward in the house without some sort of action in the senate the next few days. what they left out of that, unfortunately, is the reason why they are waitin
and the president to get their act together. the president took a red eye flight back from hawaii. why did congress and the president go on raication at all. >> yeah, we all go to work. >> there is nothing on the table . kelley. >> a lot of people feel they are left in the lurch by the president and congress. and they didn't get the job done . here's what we are facing. we are teetering on the edge of the fiscal cliff. there are many members in congress who disaagree raising of tax. the president had gone up to $400,000 when house speaker boehner would raise the tax hikes . but the sticking point is enments and spending. >> clayton: the republicans saying that the president and democrats not forth coming enough on entitlements. here's what will unfold in a few short days as we break this down to you. >> put your seat belts on, people. >> clayton: tax rates will hit these numbers and you go up to 120,000 . you will see 31 percent up to 36 percent . in these tax rates as they climb up. >> here's the bottom line. average tax rate of 2,000 to $4000. it is an additional 13,944 . millionaire's status whi
the fiscal cliff. happy new year. here's what you might have missed. president obama left hawaii early to get back to washington today. the senate is also coming back from christmas vacation today to work on a deal. now, sources tell us majority leader harry reid will push a scaled-back version of the fiscal cliff package that president obama laid out on friday, which moved the tax hike needle to $400,000. no word yet on when the house of representatives might come back, but democrats say the only hope we have of something getting through the house, the senate and the white house may be a very last-minute deal. cnn radio's lisa is following developments on capitol hill right now. the ball is in senate majority leader harry reid's court it would seem right now, lisa. >> that's right. harry reid and the senate seem to be the only game in town right now with the senate returning today. we also know from sources, ali, that over this christmas break there were no conversations between the president and top-level republicans. sources from both parties are telling us they are watching the senate, es
morning. >> reporter: well, good morning, rebecca. the president boarded air force one in hawaii early this morning and headed back to washington to deal with the so-called fiscal cliff. with just five days until the combination of automatic tax increases and spending cuts that could send the economy back into recession, the president wants congress to take the lead in getting the job done. the senate convenes later today and majority leader harry reid has told members to be prepared to work on fiscal cliff issues through the weekend. reid is working on his own plan to get members to come together before the end-of-the-year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short-term spending cuts instead of the massive cuts that would occur if there is no deal. after a wednesday conference call, house republican leaders issued a statement saying they're waiting for the democratic-controlled senate to act. adding to an already volatile situation, treasury secretary tim geithner in a lette
Search Results 0 to 3 of about 4